Divide and conquer
While both buyers intend to develop and rent, homebuyers continue to dominate Melbourne’s market this autumn, according to WBP Property’s Greville Pabst.
Mr Pabst said investors now made up about one-third of buyers, while downsizers accounted for the largest group of owner occupiers.
He said demand was growing in inner and middlering suburbs.
“Demand is so high many typically shrewd buyers in the city’s eastern suburbs are becoming less discerning when selecting property, simply to get a hold in the market,” he said.
Two weeks of higher volumes resulted in Melbourne’s auction clearance rate slipping to a preliminary 70.6 per cent after 1218 properties went to market last week.
While Melbourne moves into party mode this weekend for the Moomba Festival, 350 properties are still set to go under the hammer.